FTSE 100 is stuck in holding pattern, with record maximum in sight

On Wednesday, British equities traded in tight ranges because market participants waited for fresh catalysts to push the markets up and break into new record territory.

The FTSE 100 index UKX slumped 0.1% being worth 7,534.49, which is 0.2% below the record maximum reached on May 26.

The London benchmark has recently been spurred by a dip in the British pound as well as by renewed confidence that Prime Minister Theresa May might hold onto her cabinet’s support for her Brexit initiatives.

May told that the ball is currently in the EU’s court for moving talks along. The prime minister also stressed that the British government is preparing for the divorce negotiations, but they might fail and offer no Brexit deal.